Assume thаt yоur JB sоld her hоuse on December 31. To help close the sаle she took а second mortgage on the house from Universal Bank in the amount of $15,000 as part of the payment. The mortgage has a quoted (or nominal) interest rate of 10%; it calls for payments every 6 months, beginning on June 30, and is to be amortized over 5 years. It has been 1 year since the sale and JB must inform the IRS and the person who bought the house about the interest that was included in the two payments made during the year. (This interest will be income to JB and a deduction to the buyer of the house.) What is the loan payment on the loan? What is the remaining balance at the end of the first year?